The global construction industry experienced a 29% decline in the number of future of work-related patent applications in Q3 2023 compared with the previous quarter. The total number of future of work-related grants dropped by 13% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Construction: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of future of work-related patent applications in the construction industry was 449 in Q3 2023, versus 632 in the prior quarter.
The top five companies accounted for 21% of patenting activity
Analysis of patenting activity by companies shows that Caterpillar filed the most future of work patents within the construction industry in Q3 2023. The company filed 30 future of work-related patents in the quarter, compared with 47 in the previous quarter. It was followed by Komatsu with 21 future of work patent filings, State-owned Assets Supervision and Administration Commission of the State Council (16 filings), and Hitachi (14 filings) in Q3 2023.
Patenting activity was driven by China with a 32% share of total patent filings
The largest share of future of work related patent filings in the construction industry in Q3 2023 was in China with 32%, followed by the US (21%) and Japan (8%). The share represented by China was 7% lower than the 40% share it accounted for in Q2 2023.
For further understanding of GlobalData's Construction: Patents Trends Q3 2023, buy the databook here.